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Can I buy life insurance at age 50?

You can certainly still buy a quality life insurance policy at age 50 even though it may be a little more costly. Finding life insurance in your fifties presents a different kind of challenge and requires a lot of patience. Once you reach the age of 50, your options are usually more limited to term life insurance coverage.

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Whole life insurance can certainly be purchased, but many people over 50 find it much too expensive. Whole life insurance policies are more designed for younger people with growing families. People who fall into that category usually have more assets to protect including securing a good future for their children.

Since you are in your fifties, you are closer to retirement and your children may even be long gone from the family home starting their own families. By the time you reach age 50, you may only need enough life insurance coverage for your  surviving spouse or partner. If you pass away you may leave tremendous expenses for your loved ones to shoulder and with the costs of medical bills and funeral arrangements constantly rising, your final debts can quickly add up.

How much does term life insurance cost?

People over 50 may find themselves paying extra for the same coverage that younger people, like 20 and 30-year olds receive because of the large difference in age and the risks that become more prevalent.

When you apply for life insurance, most companies will place you in a group to help determine your rates. If are over 50 years old, you are considered a higher risk than someone is 20 years younger than you (for obvious reasons). Because term life insurance is available in twelve-month increments, you may be able to purchase a policy for as much as 30 years, which may cover your lifespan.

If you decide after 15 or 20 years that you no longer need as much coverage, you can cancel your term life policy and select a burial insurance plan only. Your premiums will decrease dramatically but you should be careful with this type of policy however, as this plan does not pay any death benefits outside of typical funeral costs.

Can my term life policy guarantee my rates for life?

Term life insurance policies are only good for a certain period of time. The most common is 20 years although some life insurance companies also offer 5 and 10 years options.

Can my policy be canceled without prior notification?

Life insurance companies hate to cancel active policies. They want long-term customers who will generate revenue for their industry. The life insurance industry is so competitive, it is almost impossible for your policy to be canceled, unless you stop making regular payments towards your premium.

If you find yourself in the middle of a financial crisis, be sure to communicate this to your life insurance agent right away. They may be able to put you on a different payment schedule to help you catch up or even defer your payments for a few months. The last thing you want to deal with is a canceled life insurance policy due to non-payment, especially if you have already paid quite a bit. You will have wasted a lot of money and still have no resources to fall back on.

Acquiring life insurance in your fifties is something that should be considered, especially if you do not have ample savings to cover all of your final expenses. Dealing with death is hard enough and leaving your loved ones with extra financial stress does not make this time any easier.

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